A credit score is based on a statistical analysis of a person's credit file and credit history, and represents the creditworthiness of that person. A credit score is primarily based on credit report information typically sourced from the three national repositories, Equifax, Experian and TransUnion. Your credit report includes information about whether you pay your bills on time and how much you owe to creditors. Serious delinquencies, such as collections, judgments, liens, bankruptcies, foreclosures, and short sales will also be reported.
Credit scores typically range from a low of 320 to a high of 844. The higher your score, the more likely you are to be offered better credit terms.
Pulte Mortgage will review your credit history and consider how much debt you have incurred, and how you manage your debt responsibilities. If there is more than one borrower for a loan, the credit scores of all borrowers are considered when applying for a loan.
What factors could adversely affect my credit score?
There are many factors considered when determining your credit score. These factors can affect whether you can get a loan and the interest rate associated with that loan. Some factors that may adversely affect a credit score are:
- Amounts owed on credit accounts are high.
- Level of delinquency on accounts.
- Too many credit inquiries in the last 12 months.
- Too many accounts recently opened.
- Amount past due on accounts.
- Bankruptcies, foreclosures, tax liens and other public record entries.
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